Irving Park Ass'n v. Watson
Oregon Supreme Court
From Multnomah: John B. Cleland, Judge. This is a suit by the Irving Park Association (a corporation) against Virginia Watson to foreclose an alleged pledge of personal property. The facts are, in substance, that in April, 1890, the defendant and nineteen others contracted for the purchase of 600 acres of land near Portland for the sum of $130,000, payable $3,000 down and the balance in installments.
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From Multnomah: John B. Cleland, Judge. This is a suit by the Irving Park Association (a corporation) against Virginia Watson to foreclose an alleged pledge of personal property. The facts are, in substance, that in April, 1890, the defendant and nineteen others contracted for the purchase of 600 acres of land near Portland for the sum of $130,000, payable $3,000 down and the balance in installments. To effect and carry out the purchase and the subsequent sale of tbe land, the plaintiff corporation was organized with a capital stock of $130,000, divided into 20 shares of $6,500 each,…
1Opinion of the CourtChief Justice Bean
1. The first contention for the defendant is that the instrument sought to be foreclosed is a chattel mortgage, and under Act 1866, p. 688, § 2 (Section 3838, Hill’s Ann. Laws), as interpreted in Jacobs v. McCalley, 8 Or. 124, can be foreclosed only in the manner stipulated, since plaintiff has possession of the property; while for the plaintiff the contention is that the transaction was a pledge, and not a mortgage. Speaking generally, the distinction between a mortgage and pledge of personal property is that in the former the thing pledged must be delivered to the pledgee, while in the…
2Cases cited2 opinions
- State ex rel. Reed v. SmithOregon Supreme Court · 1887
- Jacobs v. McCalleyOregon Supreme Court · 1879
3Cited by2 opinions
- Clerin v. EcclesOregon Supreme Court · 1920
- Ellis v. GibbonsColorado Court of Appeals · 1914